BUS 100 Lecture Notes - Relationship Marketing, Marketing Mix, Target Market

• School: UFV
• Department: Business Administration
• Course: BUS 100
• Professor: Kim Milnes

Document Summary

(achieving corporate objectives by understanding customer needs and costs of satisfying them, and providing product that best satisfy those needs: providing value and satisfaction, value = relative comparison of product"s benefits vs. costs. Benefits include features, but also emotional satisfaction. Customer solution, customer cost, customer convenience, customer communication: product. A good, service, idea that satisfies buyer"s needs and demands. Product differentiation = creation of a product or product image that differs enough from existing products to attract customers: price. Part of marketing mix of choosing appropriate price to meet profit objectives. Prices must support manufacturing/admin/research, etc but must be buyable : place. Aka distribution = part of marketing mix concerned with getting products from producer to buyer . including physical transportation and sales outlets. Aka though which channels a product moves from manufacture consumer: promotion. Part of marketing mix concerned with selection appropiat4e techniques for enticing customer to buy product. Geographical units that may be considered in segmentation strategy: demographic variables.